ICAT expands cat capacity with help of Neon

ICAT, an underwriter at Lloyd’s, has provided an additional $10 million of per-risk capacity to catastrophe-exposed commercial properties in the US by partnering with Neon, expanding ICAT’s per-risk catastrophe capacity up to $150 million.

As a result of the partnership, ICAT is able to deliver stable capacity for catastrophe-exposed residential and commercial needs through ICAT Syndicate 4242, a syndicate at Lloyd’s of London, and a line-up of carrier partners.

Chris Fisher, head of direct and facultative property at Neon, commented: “We are pleased to partner with ICAT, an organisation that shares our disciplined underwriting philosophy and forward thinking view on risk management. The partnership allows ICAT to consistently offer higher full limits on a single policy, and will enable Neon to grow our presence in the US marketplace.”